ANHUI GUJING DISTILLERY COMPANY LIMITED
FIRST QUARTER REPORT 2020
April 2020
Gujinggong Liquor Aged Original Liquor First Quarter Report 2020
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,supervisors and senior management of Anhui Gujing Distillery Company Limited (hereinafterreferred to as the “Company”) hereby guarantee the factuality, accuracy and completeness ofthe contents of this Report and its summary, and shall be jointly and severally liable for anymisrepresentations, misleading statements or material omissions therein.All the Company’s directors have attended the Board meeting for the review of this Reportand its summary.Liang Jinhui, the Company’s legal representative, Ye Changqing, the Company’s ChiefAccountant, and Zhu Jiafeng, head of the Company’s financial department (equivalent tofinancial manager) hereby guarantee that the Financial Statements carried in this Report arefactual, accurate and complete.
Part II Key Corporate InformationI Key Financial InformationIndicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
| Q1 2020 | Q1 2019 | Change (%) | |
| Operating revenue (RMB) | 3,281,368,602.79 | 3,668,502,474.92 | -10.55% |
| Net profit attributable to the listed company’s shareholders (RMB) | 636,788,443.69 | 783,389,904.73 | -18.71% |
| Net profit attributable to the listed company’s shareholders before exceptional items (RMB) | 635,613,633.02 | 749,094,364.21 | -15.15% |
| Net cash generated from/used in operating activities (RMB) | 1,632,664,980.49 | 1,010,701,440.91 | 61.54% |
| Basic earnings per share (RMB/share) | 1.26 | 1.56 | -19.23% |
| Diluted earnings per share (RMB/share) | 1.26 | 1.56 | -19.23% |
| Weighted average return on equity (%) | 6.87% | 9.80% | -2.93% |
| 31 March 2020 | 31 December 2019 | Change (%) | |
| Total assets (RMB) | 15,392,796,907.36 | 13,871,297,363.16 | 10.97% |
| Equity attributable to the listed company’s shareholders (RMB) | 9,580,900,208.13 | 8,944,111,764.44 | 7.12% |
| Item | Q1 2020 | Note |
| Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) | -307,977.07 | |
| Government subsidies charged to current profit or loss (exclusive of government subsidies given in the Company’s ordinary course of business at fixed quotas or amounts as per government’s uniform standards) | 6,699,623.47 | |
| Gain or loss on fair-value changes in held-for-trading financial assets and liabilities and derivative financial assets and liabilities & income from disposal of held-for-trading financial assets and liabilities, derivative financial assets and liabilities, and other investments in debt obligations (exclusive of effective portion of | 8,575,450.88 |
| hedges that arise in the Company’s ordinary course of business) | ||
| Non-operating income and expense other than above | -13,488,778.69 | |
| Less: Income tax effects | 376,491.86 | |
| Non-controlling interests effects (net of tax) | -72,983.94 | |
| Total | 1,174,810.67 | -- |
| Number of ordinary shareholders at the period-end | 29,696 | Number of preferred shareholders with resumed voting rights at the period-end (if any) | 0 | |||||
| Top 10 shareholders | ||||||||
| Name of shareholder | Nature of shareholder | Shareholding percentage | Total shares held | Restricted shares held | Shares in pledge or frozen | |||
| Status | Shares | |||||||
| ANHUI GUJING GROUP COMPANY LIMITED | State-owned legal person | 53.89% | 271,404,022 | In pledge | 114,000,000 | |||
| GAOLING FUND,L.P. | Foreign legal person | 2.47% | 12,446,408 | |||||
| AGRICULTURAL BANK OF CHINA－E FUND CONSUMPTION SECTOR STOCK SECURITIES INVESTMENT FUND | Other | 2.27% | 11,456,769 | |||||
| CHINA INT'L | Foreign legal | 2.08% | 10,478,152 | |||||
| CAPITAL CORP HONG KONG SECURITIES LTD | person | |||||
| UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) | Foreign legal person | 1.40% | 7,068,861 | |||
| HONG KONG SECURITIES CLEARING COMPANY LTD. | Foreign legal person | 1.33% | 6,686,608 | |||
| CENTRAL HUIJIN ASSET MANAGEMENT CO., LTD. | State-owned legal person | 1.30% | 6,543,600 | |||
| GREENWOODS CHINA ALPHA MASTER FUND | Foreign legal person | 1.12% | 5,657,150 | |||
| INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED- INVESCO GREAT WALL EMERGING GROWTH HYBRID SECURITIES INVESTMENT FUND | Other | 1.01% | 5,099,965 | |||
| Bank of China-China Merchants China Securities Liquor Index Classification Securities Investment Fund | Other | 0.79% | 3,975,130 |
| Top 10 unrestricted shareholders | |||
| Name of shareholder | Unrestricted shares held | Shares by type | |
| Type | Shares | ||
| ANHUI GUJING GROUP COMPANY LIMITED | 271,404,022 | RMB-denominated ordinary stock | 271,404,022 |
| GAOLING FUND,L.P. | 12,446,408 | Domestically listed foreign stock | 12,446,408 |
| AGRICULTURAL BANK OF CHINA－E FUND CONSUMPTION SECTOR STOCK SECURITIES INVESTMENT FUND | 11,456,769 | RMB-denominated ordinary stock | 11,456,769 |
| CHINA INT'L CAPITAL CORP HONG KONG SECURITIES LTD | 10,478,152 | Domestically listed foreign stock | 10,478,152 |
| UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) | 7,068,861 | Domestically listed foreign stock | 7,068,861 |
| HONG KONG SECURITIES CLEARING COMPANY LTD. | 6,686,608 | RMB-denominated ordinary stock | 6,686,608 |
| CENTRAL HUIJIN ASSET MANAGEMENT CO., LTD. | 6,543,600 | RMB-denominated ordinary stock | 6,543,600 |
| GREENWOODS CHINA ALPHA MASTER FUND | 5,657,150 | Domestically listed foreign stock | 5,657,150 |
| INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED- INVESCO GREAT WALL EMERGING GROWTH HYBRID SECURITIES INVESTMENT FUND | 5,099,965 | RMB-denominated ordinary stock | 5,099,965 |
| Bank of China-China Merchants China Securities Liquor Index Classification Securities Investment Fund | 3,975,130 | RMB-denominated ordinary stock | 3,975,130 |
| Related or acting-in-concert parties among the shareholders above | Among the above shareholders, the Company's controlling shareholder, Anhui Gujing Group Co., Ltd., has no relationship with other shareholders and does not belong to the acting-in-concert stipulated in the Administrative Measures on Information Disclosure of Changes in Shareholding of Listed Companies. In addition, the relationship between other shareholders is unknown, and it is unknown whether it belongs to the acting-in-concert stipulated in the Administrative Measures on Information Disclosure of Changes in Shareholding of Listed Companies. | ||
| Top 10 ordinary shareholders involved in securities margin trading | N/A | ||
(if any)
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of theCompany conducted any promissory repo during the Reporting Period.
□ Yes √ No
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
Part III Significant EventsI Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
| Balance sheet item | 31 March 2020 (RMB) | 31 December 2019 (RMB) | Change (%) | Explanation of why |
| Held-for-trading financial assets | 233,070,455.11 | 509,031,097.02 | -54.21% | Recovery of investments in wealth management products upon maturity |
| Notes receivable | 1,571,372,682.40 | 1,004,217,431.56 | 56.48% | Increase in banker’s acceptance bills received |
| Other receivables | 68,479,612.33 | 25,746,957.22 | 165.97% | Increase in prepaid deposits for land-use fees |
| Other non-current assets | 574,026.00 | 4,148,686.00 | -86.16% | Transfer of assets in relation to prepayments for equipment and engineering services into the corresponding asset items |
| Advances from customers | 1,533,322,540.40 | 529,863,011.73 | 189.38% | Increase in orders |
| Income statement item | Q1 2020 (RMB) | Q1 2019 (RMB) | Change (%) | Explanation of why |
| Return on investment | 6,550,446.14 | 26,924,392.85 | -75.67% | Decreased gains on held-for-trading financial assets |
| Gain on changes in fair value | 2,015,949.87 | 13,070,885.68 | -84.58% | Disposal of held-for-trading financial assets |
| Non-operating expense | 21,568,589.31 | 1,002,057.61 | 2,052.43% | Donations made in the COVID-19 outbreak |
| Cash flow statement item | Q1 2020 (RMB) | Q1 2019 (RMB) | Change (%) | Explanation of why |
| Net cash generated from operating activities | 1,632,664,980.49 | 1,010,701,440.91 | 61.54% | Increase in sales collections |
| Net increase in cash and cash equivalents | 1,799,260,060.40 | 1,171,124,208.47 | 53.64% | Increase in sales collections |
Progress of any share repurchases:
□ Applicable √ Not applicable
Progress of any reduction of the repurchased shares through centralized bidding:
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during theReporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.IV Securities Investments
√ Applicable □ Not applicable
Unit: RMB
| Variety of security | Symbol of security | Name of security | Initial investment cost | Accounting measurement model | Beginning carrying value | Gain/loss of changes in fair value in the Reporting Period | Accumulative changes in fair value recorded into equities | Purchased in the Reporting Period | Sold in the Reporting Period | Gain/loss in Reporting Period | Ending carrying value | Accounting title | Capital source |
| Oters | CITIC Wings Dapu Asset Management Plan | 200,000,000.00 | Fair value | 211,884,505.24 | 2,015,949.87 | 0.00 | 0.00 | 0.00 | 0.00 | 213,900,455.11 | Trading financial assets | Self-owned funds | |
| Other investment securities held at the Period-end | -- | -- | -- | ||||||||||
| Total | 200,000,000.00 | -- | 211,884,505.24 | 2,015,949.87 | 0.00 | 0.00 | 0.00 | 0.00 | 213,900,455.11 | -- | -- | ||
| Disclosure date of announcement on Board’s consent for securities investment | 27 August 2018 | ||||||||||||
| Disclosure date of announcement on shareholders’ meeting’s consent for securities investment (if any) | N/A |
| Type of wealth management | Funding source | Principal | Outstanding amount before maturity | Overdue amount |
| Wealth management product purchased from entrustment | Self-funded | 0.00 | 0.00 | 0.00 |
| Wealth management product purchased from bank | Self-funded | 28,517.00 | 1,917.00 | 0.00 |
| Wealth management product purchased from broker | Self-funded | 0.00 | 0.00 | 0.00 |
| Others | Self-funded | 20,000.00 | 20,000.00 | 0.00 |
| Total | 48,517.00 | 21,917.00 | 0.00 | |
| Trustee | Type of trustee | Type of wealth management product | Principal | Funding source | Start date | End date | Investment with principal | Way of payback | Reference annualized return (%) | Expected return (if any) | Actual gain/loss in Reporting Period | Collection/payment of gain/loss in Reporting Period | Impairment allowance (if any) | Through prescribed procedure or not | Any plan for further entrustment | Overview and index to more information (if any) |
| CITIC Wings Asset Management Company | Company Limited | Asset management plan | 20,000 | Self-funded | Purchasing new shares offline, fixed income instrum | 1.2% of the net value of prod | 7.00% | 0.00 | Not | Yes | Yes |
| Limited | ents, and Reverse repurchase of national debt, etc | uct and 20% of excess earnings | |||||||||||||
| Total | 20,000 | -- | -- | -- | -- | -- | -- | 0.00 | -- | -- | -- | -- | |||
Part IV Financial StatementsI Financial Statements
1. Consolidated Balance Sheet
Prepared by Anhui Gujing Distillery Company Limited
31 March 2020
Unit: RMB
| Item | 31 March 2020 | 31 December 2019 |
| Current assets: | ||
| Monetary assets | 7,034,009,978.49 | 5,619,749,918.09 |
| Settlement reserve | ||
| Interbank loans granted | ||
| Held-for-trading financial assets | 233,070,455.11 | 509,031,097.02 |
| Derivative financial assets | ||
| Notes receivable | 1,571,372,682.40 | 1,004,217,431.56 |
| Accounts receivable | 40,290,782.16 | 40,776,567.96 |
| Accounts receivable financing | ||
| Prepayments | 138,733,478.63 | 197,453,313.96 |
| Premiums receivable | ||
| Reinsurance receivables | ||
| Receivable reinsurance contract reserve | ||
| Other receivables | 68,479,612.33 | 25,746,957.22 |
| Including: Interest receivable | 2,825,141.55 | 1,908,788.81 |
| Dividends receivable | ||
| Financial assets purchased under resale agreements | ||
| Inventories | 2,859,622,756.16 | 3,015,051,961.78 |
| Contractual assets | ||
| Assets classified as held for sale | ||
| Current portion of non-current assets | ||
| Other current assets | 86,137,117.02 | 114,439,167.07 |
| Total current assets | 12,031,716,862.30 | 10,526,466,414.66 |
| Non-current assets: | ||
| Loans and advances to customers | ||
| Investments in debt obligations | ||
| Investments in other debt obligations | ||
| Long-term receivables | ||
| Long-term equity investments | 4,669,227.37 | 4,678,282.24 |
| Investments in other equity instruments | ||
| Other non-current financial assets | ||
| Investment property | 4,630,800.40 | 4,710,086.02 |
| Fixed assets | 1,674,133,870.13 | 1,722,572,998.79 |
| Construction in progress | 191,417,719.89 | 183,984,816.07 |
| Productive living assets | ||
| Oil and gas assets | ||
| Use rights assets | ||
| Intangible assets | 848,029,559.05 | 785,717,932.76 |
| R&D expense | ||
| Goodwill | 478,283,495.29 | 478,283,495.29 |
| Long-term prepaid expense | 63,670,348.57 | 70,240,106.82 |
| Deferred income tax assets | 95,670,998.36 | 90,494,544.51 |
| Other non-current assets | 574,026.00 | 4,148,686.00 |
| Total non-current assets | 3,361,080,045.06 | 3,344,830,948.50 |
| Total assets | 15,392,796,907.36 | 13,871,297,363.16 |
| Current liabilities: | ||
| Short-term borrowings | ||
| Borrowings from the central bank | ||
| Interbank loans obtained | ||
| Held-for-trading financial liabilities | ||
| Derivative financial liabilities | ||
| Notes payable | 738,211,591.13 | 703,679,646.86 |
| Accounts payable | 411,542,907.94 | 563,494,195.40 |
| Advances from customers | 1,533,322,540.40 | 529,863,011.73 |
| Contractual liabilities | ||
| Financial assets sold under repurchase agreements |
| Customer deposits and interbank deposits | ||
| Payables for acting trading of securities | ||
| Payables for underwriting of securities | ||
| Payroll payable | 384,224,877.75 | 454,189,532.89 |
| Taxes payable | 373,051,940.07 | 482,903,109.59 |
| Other payables | 1,391,162,229.54 | 1,315,878,229.01 |
| Including: Interest payable | ||
| Dividends payable | ||
| Handling charges and commissions payable | ||
| Reinsurance payables | ||
| Liabilities directly associated with assets classified as held for sale | ||
| Current portion of non-current liabilities | ||
| Other current liabilities | 306,024,896.56 | 197,484,121.41 |
| Total current liabilities | 5,137,540,983.39 | 4,247,491,846.89 |
| Non-current liabilities: | ||
| Insurance contract reserve | ||
| Long-term borrowings | ||
| Bonds payable | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Lease liabilities | ||
| Long-term payables | ||
| Long-term payroll payable | ||
| Provisions | ||
| Deferred income | 73,488,752.68 | 72,778,437.92 |
| Deferred income tax liabilities | 118,680,936.22 | 118,872,366.61 |
| Other non-current liabilities | ||
| Total non-current liabilities | 192,169,688.90 | 191,650,804.53 |
| Total liabilities | 5,329,710,672.29 | 4,439,142,651.42 |
| Owners’ equity: | ||
| Share capital | 503,600,000.00 | 503,600,000.00 |
| Other equity instruments | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Capital reserves | 1,295,405,592.25 | 1,295,405,592.25 |
| Less: Treasury stock | ||
| Other comprehensive income | ||
| Specific reserve | ||
| Surplus reserves | 256,902,260.27 | 256,902,260.27 |
| General reserve | ||
| Retained earnings | 7,524,992,355.61 | 6,888,203,911.92 |
| Total equity attributable to owners of the Company as the parent | 9,580,900,208.13 | 8,944,111,764.44 |
| Non-controlling interests | 482,186,026.94 | 488,042,947.30 |
| Total owners’ equity | 10,063,086,235.07 | 9,432,154,711.74 |
| Total liabilities and owners’ equity | 15,392,796,907.36 | 13,871,297,363.16 |
| Item | 31 March 2020 | 31 December 2019 |
| Current assets: | ||
| Monetary assets | 3,557,888,350.08 | 2,919,818,830.20 |
| Held-for-trading financial assets | 213,900,455.11 | 489,861,097.02 |
| Derivative financial assets | ||
| Notes receivable | 938,861,434.30 | 378,740,100.82 |
| Accounts receivable | 5,733,623.45 | 218,558,555.07 |
| Accounts receivable financing | ||
| Prepayments | 35,317,002.77 | 17,906,999.63 |
| Other receivables | 167,474,179.97 | 125,219,213.84 |
| Including: Interest receivable | 301,888.89 | 301,888.89 |
| Dividends receivable | ||
| Inventories | 2,511,559,652.56 | 2,688,839,871.27 |
| Contractual assets | ||
| Assets classified as held for sale | ||
| Current portion of non-current assets | ||
| Other current assets | 0.00 | 1,280,998.32 |
| Total current assets | 7,430,734,698.24 | 6,840,225,666.17 |
| Non-current assets: | ||
| Investments in debt obligations | ||
| Investments in other debt obligations | ||
| Long-term receivables | ||
| Long-term equity investments | 1,148,213,665.32 | 1,148,213,665.32 |
| Investments in other equity instruments | ||
| Other non-current financial assets | ||
| Investment property | 4,630,800.40 | 4,710,086.02 |
| Fixed assets | 1,271,050,338.41 | 1,310,704,771.36 |
| Construction in progress | 95,161,823.49 | 84,477,784.02 |
| Productive living assets | ||
| Oil and gas assets | ||
| Use rights assets | ||
| Intangible assets | 308,879,065.37 | 243,928,047.95 |
| R&D expense | ||
| Goodwill | ||
| Long-term prepaid expense | 43,390,908.64 | 48,354,967.15 |
| Deferred income tax assets | 35,161,610.63 | 31,360,809.87 |
| Other non-current assets | 574,026.00 | 574,026.00 |
| Total non-current assets | 2,907,062,238.26 | 2,872,324,157.69 |
| Total assets | 10,337,796,936.50 | 9,712,549,823.86 |
| Current liabilities: | ||
| Short-term borrowings | ||
| Held-for-trading financial liabilities | ||
| Derivative financial liabilities | ||
| Notes payable | 11,190,587.52 | 49,114,582.04 |
| Accounts payable | 284,393,594.02 | 450,303,984.53 |
| Advances from customers | 496,928,122.57 | 31,724.77 |
| Contractual liabilities | ||
| Payroll payable | 77,160,831.60 | 100,357,808.20 |
| Taxes payable | 275,694,666.51 | 371,012,223.50 |
| Other payables | 289,447,502.04 | 274,053,511.54 |
| Including: Interest payable | ||
| Dividends payable | ||
| Liabilities directly associated with assets classified as held for sale | ||
| Current portion of non-current liabilities | ||
| Other current liabilities | 27,157,003.22 | 11,953,800.20 |
| Total current liabilities | 1,461,972,307.48 | 1,256,827,634.78 |
| Non-current liabilities: | ||
| Long-term borrowings | ||
| Bonds payable | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Lease liabilities | ||
| Long-term payables | ||
| Long-term payroll payable | ||
| Provisions | ||
| Deferred income | 32,320,498.96 | 33,229,246.47 |
| Deferred income tax liabilities | 22,866,964.62 | 22,799,814.64 |
| Other non-current liabilities | ||
| Total non-current liabilities | 55,187,463.58 | 56,029,061.11 |
| Total liabilities | 1,517,159,771.06 | 1,312,856,695.89 |
| Owners’ equity: | ||
| Share capital | 503,600,000.00 | 503,600,000.00 |
| Other equity instruments | ||
| Including: Preferred shares | ||
| Perpetual bonds | ||
| Capital reserves | 1,247,162,107.35 | 1,247,162,107.35 |
| Less: Treasury stock | ||
| Other comprehensive income | ||
| Specific reserve |
| Surplus reserves | 251,800,000.00 | 251,800,000.00 |
| Retained earnings | 6,818,075,058.09 | 6,397,131,020.62 |
| Total owners’ equity | 8,820,637,165.44 | 8,399,693,127.97 |
| Total liabilities and owners’ equity | 10,337,796,936.50 | 9,712,549,823.86 |
| Item | Q1 2020 | Q1 2019 |
| 1. Revenue | 3,281,368,602.79 | 3,668,502,474.92 |
| Including: Operating revenue | 3,281,368,602.79 | 3,668,502,474.92 |
| Interest income | ||
| Premium income | ||
| Handling charge and commission income | ||
| 2. Costs and expenses | 2,443,221,802.41 | 2,662,463,799.11 |
| Including: Cost of sales | 744,305,924.63 | 799,244,679.69 |
| Interest expense | ||
| Handling charge and commission expense | ||
| Surrenders | ||
| Net claims paid | ||
| Net amount provided as policy reserve | ||
| Expenditure on policy dividends | ||
| Reinsurance premium expense | ||
| Taxes and surcharges | 520,124,639.27 | 540,036,699.39 |
| Selling expense | 989,447,585.63 | 1,167,562,403.83 |
| Administrative expense | 194,176,267.66 | 150,969,173.04 |
| R&D expense | 7,670,570.59 | 6,419,946.84 |
| Finance costs | -12,503,185.37 | -1,769,103.68 |
| Including: Interest expense | 24,441,197.03 | 8,705,507.36 |
| Interest income | 33,840,686.32 | 9,334,113.54 |
| Add: Other income | 6,699,623.47 | 7,094,400.70 |
| Return on investment (“-” for loss) | 6,550,446.14 | 26,924,392.85 |
| Including: Share of profit or loss of joint ventures and associates | ||
| Income from the derecognition of financial assets at amortized cost (“-” for loss) | ||
| Foreign exchange gain (“-” for loss) | ||
| Net gain on exposure hedges (“-” for loss) | ||
| Gain on changes in fair value (“-” for loss) | 2,015,949.87 | 13,070,885.68 |
| Credit impairment loss (“-” for loss) | ||
| Asset impairment loss (“-” for loss) | ||
| Asset disposal income (“-” for loss) | 0.00 | 83,202.85 |
| 3. Operating profit (“-” for loss) | 853,412,819.86 | 1,053,211,557.89 |
| Add: Non-operating income | 7,771,833.55 | 5,335,678.12 |
| Less: Non-operating expense | 21,568,589.31 | 1,002,057.61 |
| 4. Profit before tax (“-” for loss) | 839,616,064.10 | 1,057,545,178.40 |
| Less: Income tax expense | 208,684,540.77 | 262,026,857.84 |
| 5. Net profit (“-” for net loss) | 630,931,523.33 | 795,518,320.56 |
| 5.1 By operating continuity | ||
| 5.1.1 Net profit from continuing operations (“-” for net loss) | 630,931,523.33 | 795,518,320.56 |
| 5.1.2 Net profit from discontinued operations (“-” for net loss) | ||
| 5.2 By ownership | ||
| 5.2.1 Net profit attributable to owners of the Company as the parent | 636,788,443.69 | 783,389,904.73 |
| 5.2.1 Net profit attributable to non-controlling interests | -5,856,920.36 | 12,128,415.83 |
| 6. Other comprehensive income, net of tax | ||
| Attributable to owners of the Company as the parent | ||
| 6.1 Items that will not be reclassified to profit or loss |
| 6.1.1 Changes caused by remeasurements on defined benefit pension schemes | ||
| 6.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method | ||
| 6.1.3 Changes in the fair value of investments in other equity instruments | ||
| 6.1.4 Changes in the fair value of the company’s credit risks | ||
| 6.1.5 Other | ||
| 6.2 Items that will be reclassified to profit or loss | ||
| 6.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method | ||
| 6.2.2 Changes in the fair value of investments in other debt obligations | ||
| 6.2.3 Other comprehensive income arising from the reclassification of financial assets | ||
| 6.2.4 Allowance for credit impairments in investments in other debt obligations | ||
| 6.2.5 Reserve for cash flow hedges | ||
| 6.2.6 Differences arising from the translation of foreign currency-denominated financial statements | ||
| 6.2.7 Other | ||
| Attributable to non-controlling interests | ||
| 7. Total comprehensive income | 630,931,523.33 | 795,518,320.56 |
| Attributable to owners of the Company as the parent | 636,788,443.69 | 783,389,904.73 |
| Attributable to non-controlling interests | -5,856,920.36 | 12,128,415.83 |
| 8. Earnings per share | ||
| 8.1 Basic earnings per share | 1.26 | 1.56 |
| 8.2 Diluted earnings per share | 1.26 | 1.56 |
Legal representative: Liang Jinhui The Company’s chief accountant: Ye ChangqingHead of the Company’s financial department: Zhu Jiafeng
4. Income Statement of the Company as the Parent
Unit: RMB
| Item | Q1 2020 | Q1 2019 |
| 1. Operating revenue | 1,955,751,391.93 | 1,921,463,298.13 |
| Less: Cost of sales | 745,868,987.92 | 742,536,052.02 |
| Taxes and surcharges | 489,478,469.41 | 476,220,710.41 |
| Selling expense | 11,672,221.60 | 23,013,905.78 |
| Administrative expense | 136,739,496.58 | 95,871,680.28 |
| R&D expense | 4,711,335.12 | 3,489,301.54 |
| Finance costs | -7,589,655.72 | -161,036.71 |
| Including: Interest expense | 24,441,197.03 | 8,705,507.36 |
| Interest income | 31,763,500.03 | 8,909,103.52 |
| Add: Other income | 3,239,267.51 | 2,256,134.13 |
| Return on investment (“-” for loss) | 454,487.68 | 18,762,552.86 |
| Including: Share of profit or loss of joint ventures and associates | ||
| Income from the derecognition of financial assets at amortized cost (“-” for loss) | ||
| Net gain on exposure hedges (“-” for loss) | ||
| Gain on changes in fair value (“-” for loss) | 2,015,949.87 | 13,070,885.68 |
| Credit impairment loss (“-” for loss) | ||
| Asset impairment loss (“-” for loss) | ||
| Asset disposal income (“-” for loss) | ||
| 2. Operating profit (“-” for loss) | 580,580,242.08 | 614,582,257.48 |
| Add: Non-operating income | 7,311,719.12 | 4,461,000.86 |
| Less: Non-operating expense | 20,307,303.87 | 676,321.68 |
| 3. Profit before tax (“-” for loss) | 567,584,657.33 | 618,366,936.66 |
| Less: Income tax expense | 146,640,619.86 | 156,762,955.60 |
| 4. Net profit (“-” for net loss) | 420,944,037.47 | 461,603,981.06 |
| 4.1 Net profit from continuing operations (“-” for net loss) | 420,944,037.47 | 461,603,981.06 |
| 4.2 Net profit from discontinued operations (“-” for net loss) | ||
| 5. Other comprehensive income, net of tax | ||
| 5.1 Items that will not be reclassified to profit or loss | ||
| 5.1.1 Changes caused by remeasurements on defined benefit pension schemes | ||
| 5.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method | ||
| 5.1.3 Changes in the fair value of investments in other equity instruments | ||
| 5.1.4 Changes in the fair value of the company’s credit risks | ||
| 5.1.5 Other | ||
| 5.2 Items that will be reclassified to profit or loss | ||
| 5.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method | ||
| 5.2.2 Changes in the fair value of investments in other debt obligations | ||
| 5.2.3 Other comprehensive income arising from the reclassification of financial assets | ||
| 5.2.4 Allowance for credit impairments in investments in other debt obligations | ||
| 5.2.5 Reserve for cash flow hedges | ||
| 5.2.6 Differences arising from the translation of foreign currency-denominated financial statements | ||
| 5.2.7 Other | ||
| 6. Total comprehensive income | 420,944,037.47 | 461,603,981.06 |
| 7. Earnings per share | ||
| 7.1 Basic earnings per share | 0.84 | 0.92 |
| 7.2 Diluted earnings per share | 0.84 | 0.92 |
| Item | Q1 2020 | Q1 2019 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 4,415,909,823.78 | 3,282,900,142.53 |
| Net increase in customer deposits and interbank deposits | ||
| Net increase in borrowings from the central bank | ||
| Net increase in loans from other financial institutions | ||
| Premiums received on original insurance contracts | ||
| Net proceeds from reinsurance | ||
| Net increase in deposits and investments of policy holders | ||
| Interest, handling charges and commissions received | ||
| Net increase in interbank loans obtained | ||
| Net increase in proceeds from repurchase transactions | ||
| Net proceeds from acting trading of securities | ||
| Tax rebates | 509,255.64 | |
| Cash generated from other operating activities | 545,462,243.63 | 183,731,144.88 |
| Subtotal of cash generated from operating activities | 4,961,881,323.05 | 3,466,631,287.41 |
| Payments for commodities and services | 705,160,011.76 | 437,253,627.58 |
| Net increase in loans and advances to customers | ||
| Net increase in deposits in the central bank and in interbank loans granted |
| Payments for claims on original insurance contracts | ||
| Net increase in interbank loans granted | ||
| Interest, handling charges and commissions paid | ||
| Policy dividends paid | ||
| Cash paid to and for employees | 696,654,167.45 | 506,211,004.64 |
| Taxes paid | 1,165,366,246.78 | 1,180,474,817.64 |
| Cash used in other operating activities | 762,035,916.57 | 331,990,396.64 |
| Subtotal of cash used in operating activities | 3,329,216,342.56 | 2,455,929,846.50 |
| Net cash generated from/used in operating activities | 1,632,664,980.49 | 1,010,701,440.91 |
| 2. Cash flows from investing activities: | ||
| Proceeds from disinvestment | 299,000,000.00 | 1,155,560,000.00 |
| Return on investment | 20,142,992.71 | 24,174,323.96 |
| Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | ||
| Net proceeds from the disposal of subsidiaries and other business units | ||
| Cash generated from other investing activities | ||
| Subtotal of cash generated from investing activities | 319,142,992.71 | 1,179,734,323.96 |
| Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 119,547,912.80 | 67,651,556.40 |
| Payments for investments | 33,000,000.00 | 951,660,000.00 |
| Net increase in pledged loans granted | ||
| Net payments for the acquisition of subsidiaries and other business units | ||
| Cash used in other investing activities | ||
| Subtotal of cash used in investing activities | 152,547,912.80 | 1,019,311,556.40 |
| Net cash generated from/used in investing activities | 166,595,079.91 | 160,422,767.56 |
| 3. Cash flows from financing activities: |
| Capital contributions received | ||
| Including: Capital contributions by non-controlling interests to subsidiaries | ||
| Borrowings obtained | ||
| Cash generated from other financing activities | ||
| Subtotal of cash generated from financing activities | ||
| Repayments of borrowings | ||
| Payments for interest and dividends | ||
| Including: Dividends paid by subsidiaries to non-controlling interests | ||
| Cash used in other financing activities | ||
| Subtotal of cash used in financing activities | ||
| Net cash generated from/used in financing activities | ||
| 4. Effect of foreign exchange rate changes on cash and cash equivalents | ||
| 5. Net increase in cash and cash equivalents | 1,799,260,060.40 | 1,171,124,208.47 |
| Add: Cash and cash equivalents, beginning of the period | 2,944,749,918.09 | 835,560,865.12 |
| 6. Cash and cash equivalents, end of the period | 4,744,009,978.49 | 2,006,685,073.59 |
| Item | Q1 2020 | Q1 2019 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 3,872,253,908.69 | 1,787,341,935.99 |
| Tax rebates | ||
| Cash generated from other operating activities | 813,392,594.48 | 147,002,588.20 |
| Subtotal of cash generated from operating activities | 4,685,646,503.17 | 1,934,344,524.19 |
| Payments for commodities and services | 425,500,062.63 | 466,775,831.06 |
| Cash paid to and for employees | 231,275,877.43 | 184,167,857.56 |
| Taxes paid | 911,117,511.13 | 778,863,559.94 |
| Cash used in other operating activities | 2,328,037,144.91 | 69,443,644.99 |
| Subtotal of cash used in operating activities | 3,895,930,596.10 | 1,499,250,893.55 |
| Net cash generated from/used in operating activities | 789,715,907.07 | 435,093,630.64 |
| 2. Cash flows from investing activities: | ||
| Proceeds from disinvestment | 266,000,000.00 | 850,000,000.00 |
| Return on investment | 12,431,079.46 | 18,769,315.08 |
| Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | ||
| Net proceeds from the disposal of subsidiaries and other business units | ||
| Cash generated from other investing activities | ||
| Subtotal of cash generated from investing activities | 278,431,079.46 | 868,769,315.08 |
| Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 90,077,466.65 | 53,184,977.36 |
| Payments for investments | 0.00 | 716,000,000.00 |
| Net payments for the acquisition of subsidiaries and other business units | ||
| Cash used in other investing activities | ||
| Subtotal of cash used in investing activities | 90,077,466.65 | 769,184,977.36 |
| Net cash generated from/used in investing activities | 188,353,612.81 | 99,584,337.72 |
| 3. Cash flows from financing activities: | ||
| Capital contributions received | ||
| Borrowings obtained | ||
| Cash generated from other financing activities | ||
| Subtotal of cash generated from financing activities | ||
| Repayments of borrowings | ||
| Payments for interest and dividends |
| Cash used in other financing activities | ||
| Subtotal of cash used in financing activities | ||
| Net cash generated from/used in financing activities | ||
| 4. Effect of foreign exchange rate changes on cash and cash equivalents | ||
| 5. Net increase in cash and cash equivalents | 978,069,519.88 | 534,677,968.36 |
| Add: Cash and cash equivalents, beginning of the period | 2,079,818,830.20 | 708,172,917.59 |
| 6. Cash and cash equivalents, end of the period | 3,057,888,350.08 | 1,242,850,885.95 |